Recently, I read a post forwarded about a news conference by some group claiming to be activists campaigning against the appointment of Mr. Ebenezer Onyeagwu as the Managing-Director of Zenith Bank Plc by the board of the bank.

As a Nigerian with more than a passing interest in the banking industry particularly in Zenith Bank, I took my time to read through the post.

The main grouse of the group against the appointment of Ebenezer appeared to be his relationship with Jim Ovia the chairman and to put it bluntly the founder of the bank.

Nowhere in the write-up did I see or notice any objection to the qualification, competence and merit of Onyeagwu as the new MD of the bank, so I ignored the post as did most members of the group.

I later noticed that the post was on other platforms as well and I read a report somewhere that some group was taking the bank to court over the appointment.

I don't know if this reports are credible but they are being circulated and read.

I have therefore decided to lend my voice to the debate as members of the public are easily deceived by unrebutted social media posts.

First, Zenith Bank is not a government corporation and therefore has no federal character requirement. The bank is only subject to the legal limitations and regulations of the law as it relates to a public quoted company. However, the ultimate power in the bank lies with the majority of the shareholders and this is always reflected in the appointment of the board.

Jim Ovia's position as chairman is a reflection of the fact that he enjoys the confidence of the majority of the shareholders.

That said, it is amazing how people who do not know your story can defame you, belittle you, reduce you and attempt to destroy you for no visible or viable reason. If people had other candidates for the position of Managing-Director and for some reason their candidate did not make it, if no rules or laws were tilted against their preferred candidate and someone else has emerged from the same process which they trusted to produce their preferred candidate, why can't they accept the result in good faith?

I think it is important that someone should speak up for Onyeagwu. I met Ebenezer almost 20 years ago, he was already an accountant in the banking industry and was posted to Port Harcourt as the branch accountant for then Citizens bank.

As a young lawyer hustling for briefs from the banks, I got to know most bank managers, accountants and officers in the banking industry in Port Harcourt at that time. It is to the credit of Port Harcourt that the banks sent only their best hands to lead their operations in the Rivers State capital, which was then emerging as the undisputed hub of the oil industry in the Niger Delta. Most of the top players in the banking industry today were in Port Harcourt at that time.

Almost all the branch managers, accountants and even officers that were in in Port Harcourt at that time became executive directors, managing directors and owners of banks and today that elite cadre of bankers to which Ebenezer belongs are the movers and shakers of the banking industry. We all know them.

Onyeagwu was one of the most humble, hard-working, honest and committed of the lot. No one needed a soothsayer sayer to predict that his future in the industry will be bright.

I lost touch with Onyeagwu, when I left my law firm and got deeply involved in politics but I do remember that many years later when some people (including a mutual friend ) were trying to set up a bank, they reached me while in search of Ebenezer and we located him in Warri, he was then with Zenith bank, he was offered the position of an Executive Director and he turned it down for Zenith Bank.

Through these years of sacrifice, hard work and growth I was not aware of his relationship with Ovia, because it was not an issue until he was named the Managing-Director of Zenith Bank, then his relationship with the chairman of the board becomes an issue.

Should he be denied only because his uncle or cousin is the chairman? In any other bank in this country Onyeagwu's appointment will be hailed as that of a square peg in a square hole that will enhance value, and promote the interest of depositors and shareholders, because he is eminently qualified, experienced, honest and capable, the bank will actually do better under him.

If he has a good relationship with the chairman that should be a plus for the company but that cannot be the only reason he was appointed.

I believe the insinuation is demeaning of his personal accomplishments, achievements and his enviable track record in the industry.

I congratulate Onyeagwu. This appointment is actually coming a bit late in the day for this patient, hard-working and humble banker but God's time is always best.

If Onyeagwu gets to read this he should focus on his job and ignore the naysayers and pull him down specialists on social media that is now part of the new normal. He should strive to deliver above expectations. As a company chief executive in a public quoted company it is for the shareholders to say who is doing well.

Shareholders will react to the share value and the dividends, every other noise is a distraction. I sincerely congratulate him and Zenith bank Plc.

Abe wrote in from Port Harcourt

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